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Edgenet sells majority stake to private equity firm

Edgenet, a Nashville-based software as a service company, sold a majority interest to private equity firm Marlin Equity Partners.

The sale comes two years after its former employee and now CEO Steve Proctor, acquired the company in a Ch. 11 bankruptcy sale, along with Executive Vice President Tim Stafford and a Nashville private equity group. They have boosted revenue by 40 percent and doubled customers since the purchase.

Proctor and Stafford will stay in their current roles.

“Edgenet is proof of what can happen when you have best-in-class products backed up by a great team,” said Proctor. “Thanks to this combination of people and product, we have consistently experienced strong growth since 2014. We are excited to wrap up our best year ever and 2017 is shaping up to be even better."

Marlin, which manages more than $3 billion in capital, is based in Los Angeles and has a London office.

“Edgenet represents an attractive platform for growth and an industry-leading provider of product content and configuration solutions,” said Jonah Sulak, a partner at Marlin. “We are excited to partner with the Edgenet team and look forward supporting them as they continue to expand the depth and breadth of their products and services into adjacent categories and verticals.”